This evening on BBC Radio 4 Any Questions, shadow chancellor not a word of support to Greeks, on austerity, or that debt should be cancelled.

Contrast with Tory former-Chancellor Norman Lamont who said debt should be cancelled, that it is impossible to repay and that Greeks had suffered enough under EU imposed austerity. He also slammed EU for being undemocratic and ignoring the referendum where Greeks said loud and clear NO to EU austerity.

It is easy to see why Labour is unelectable for the foreseeable future.

More than 200 years ago, Adam Smith specified with much clarity in The Wealth of Nations how to judge the good functioning of a well-run economy. Good political economy, Smith argued, has to have “two distinct objects”: “first, to provide a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves; and secondly, to supply the state or commonwealth with a revenue sufficient for the publick services”.

Greece has seen its GDP shrink by 25% in the last five years of EU imposed austerity.

50% of young people in Greece are unemployed (a similar figure for Spain). This figure, a tragic in itself, means the young people are gaining no experience, acquiring no skills, thus cannot contribute to the economic recovery of Greece.

I meet very intelligent Greeks outside of Greece, astrophysicists, working as baristas. Nothing wrong with a barista, a useful skill to have, but not astrophysics.

In UK, an underclass of people who are unemployable, and much as the government tries, they cannot be starved backk into work. Skilled work is now entirely dependent upon workers from Europe.